Finances

Glitter650 · #1 08-20-2007, 11:51 AM

So, since I know quite a bit of problems can be caused by finances in a marriage, and I'd like to avoid that pitfall in my upcoming state of matrimony, how do you deal with the money ?
Do you have 1 account for both of you ?
One account for household money, and have seperate accounts as well ?
Some other combination ?

If you keep 1 household account, how do you keep things like presents and such a suprise ?

What is your agreement about spending from the joint account ? Must you discuss any purchase over 50? 100 ? anything that is PURELY for you ? My parents are divorced since I was 6, so I don't really know how they worked out the finances, so I'm just curious how my fellow GCers deal with it?

DSTRen13 · #2 08-20-2007, 11:57 AM

I'm interested too ... my fiance and I have decided to have a joint account and our own personal accounts (I don't really want to know how much he spends on things, and he doesn't really want to know how much I spend on my crap), but we can't figure out - what is a "joint expense" and what isn't? Some things are obvious, and others I guess we'll hammer out over time, but if anyone has any advice that could shorten that hammering process ...?

Kevin · #3 08-20-2007, 12:09 PM

Right now, we have separate accounts. I figure that'll change once I finish law school and will be bringing home about 95% of the bacon. As it stands, I do make a bit more than she does. Accordingly, I just pay all of the bills and the rent myself. She buys the groceries and meals out. Sometimes, we'll make a purchase and go in on it 50/50 (I'll just make an e-payment to her credit card for the amount I owe).

It works out fine for now. It's a little unwieldy, but I figure it's a temporary thing. We'll probably make everything joint once I start to make the big bucks. Either that, or we'll use her teacher's salary to invest/save and mine to live on.

lauralaylin · #4 08-20-2007, 01:18 PM

My husband and I have always shared everything, but we also are totally in sinc when it comes to finances, so there aren't issues. I understand why people have separate accounts, but what happens if the wife becomes a SAHM? Does she just not get to spend money anymore? I think that could cause issues, dealing with allowances and such.

AlphaFrog · #5 08-20-2007, 01:29 PM

We have 2 banks, but that's just because his work doesn't have direct deposit, and the bank that my direct deposit is already going into wasn't convenient. Both accounts are "our money" and I pay bills from whichever one happens to have the most money in it at the time. I keep track of how much we have in both banks at all times, and how much we're going to owe in the next few months for bills and expenses. We set some back for emergencies and the rest is our spending money. We don't worry about divvying it up, we both think the "allowance" thing is silly. Neither one of us spends much on anything outrageous.

The most expensive "impulse buys" we've had the whole time we've been married is his gym contract and my season tickets for the Broadway series at Blumenthal. (And, to be fair, I've been dying to see Wicked again, and the only way to get tickets is to get the season tickets...by the time they go on sale for single seats they are going to be LONG sold out).

lauralaylin · #6 08-20-2007, 07:56 PM

Quote:

Originally Posted by AlphaFrog

The most expensive "impulse buys" we've had the whole time we've been married is his gym contract and my season tickets for the Broadway series at Blumenthal. (And, to be fair, I've been dying to see Wicked again, and the only way to get tickets is to get the season tickets...by the time they go on sale for single seats they are going to be LONG sold out).

Sorry to hijack, but seriously? I missed Wicked in Boston because I gave birth the week before, and now I won't be able to get tickets here either??? NO!

nikki1920 · #7 08-20-2007, 01:30 PM

I guess joint expenses would be: rent, utility bills, groceries. More like living expenses. Separate expenses would be: sorority dues, travel for sorority meetings, clothing and shoes, personal grooming.

That is how the bf and I discussed it, but then we don't live together.

VandalSquirrel · #8 08-20-2007, 03:55 PM

We've discussed it (we've got a few months, but we like to plan ahead) and there's going to be six accounts, hers, his, ours and have one each of checking and savings. We are both likely going to have career changes in the next year, but as of now we're planning to do half of each persons pay check into the joint accounts, and the rest is personal. Though if we're saving for something (house, vacation, etc.) we'd put more into the joint savings.

Anything that is house stuff would come out of the joint account, or if it is something we're both using, like gas on a trip or what not. Anything that is personal, such as clothing, his electronic gadgets, sorority dues, professional fees, haircuts, gifts or eating out with friends, is a personal expense. Since we're not legally beholden to one another now, we take turns a lot on fun things. He paid for dinner and a movie the other night, but then I turned around and bought dinner a different night and ice cream twice. Mr. Romance bought me red sink mats, a swiffer wet jet and an automatic shower cleaner as presents

but once we get married at The Hitchin' Post it would be a house expense.